Sec 10 48 of income tax act 1961 pdf

Subordination and control of income tax authorities. An assessee, whose income is taxable at higher rates will have more tax savings i. Analysis of the income tax exemptions available to certain educational institutions under section 1023c of the income tax act, 1961 and comparison of the same with exemption available under section 11 background. Section 48 mode of computation income tax act, 1961 fer and the full value of the consideration received or accruing as a result of the transfer of the capital asset into the same foreign currency as was initially utilised in the purchase of the shares or debentures, and the capital gains so computed in such foreign currency shall be reconverted into indian currency, so, however, that the. Exemption for leave travel concession us 10 5 of the it act. According to section 10 of the income tax act 1961, the salaried employees are entitled to enjoy the tax exemption. Notification issued under section 112a specifying modes of. Section 47 of income tax act 1961 2017 provides for transactions not regarded as transfer. For meaning of the expression this clause, see taxmanns direct taxes manual, vol. For meaning of the term assessee, see taxmanns direct taxes manual, vol. In computing the total income of a previous year of any person, any income falling within any of the. May 25, 2016 the summary of the provisions of the 43ca of the income tax act, 1961 is as follows. Hi, the exemption under section 54b is available when any agriculture land is sold and investment is made in the purchase of agricultural landurbanrural. Section 24 of income tax act check tax deductions paisabazaar.

June, 2002 by the central government as that government may. Section 10, incometax act, 1961 2015 chapter iii incomes which do not form part of total income incomes not included in total income. In exercise of the powers conferred by clause 46 of section 10 of the income tax act, 1961 43 of 1961, the central government hereby notifies for the purposes of the said clause, the state pollution control board, odisha, a board established by the government of odisha, in. Sep, 2010 new notifications has been isssued no 692010 by the ministry of finance for reducing interest rate as per the notification 692010, interest accrued to pf account of employee not exceeding 8. Assessee is a person, who has liability to pay tax or any other sum of money under income tax act of 1961, so the afore said persons include in the category of assessee. Section 2a under powers of incometax authorities sections 1 to 6 income tax introduction of capital asset as capital contribution section 453 under scope and year of chargeability section 45 income tax. Income tax act 1961 complete act citation 530 bare act. The objective of section 10 of the income tax act is to reduce the burden of the different structure of the tax such as rent allowance, allowance for children education, travel allowance, gratuity and so on. Section 1 of the income tax act, 1961 gives power to tax authorities to issue summons or to force attendance of any person for being examined on oath or to compel production of books of account and other documents if any proceeding is pending. For ur confirmation, u can also visit income tax department site. Interpretation 1 in this act, unless the context otherwise requires. However, it is to be noted that addition deduction of rs.

Income tax act 58 of 1962 south african government. Every assessee whose taxable income in the previous year exceeds the minimum taxable limit is liable to pay income tax during the current financial year at the rates applicable. Income tax case laws section wise containing decisions of supreme court, high court, tribaul, cestat, cegat, aar, advance ruling authority etc. Note on maternity leave pay tax deduction section 11 of the maternity protection act, ch. Ca dev kumar kothari has considered the interesting question whether disallowance under section 14a of the incometax act, 1961 can be made in a case where tax is paid by the assessee by way of dividend distribution tax or securities transaction tax or where shares are bought by him not with a view to earn dividends but to obtain a strategic controlling. Section 47 of incometax act 19612017 transactions not.

Apportionment of income between spouses governed by portuguese civil code. Section 1047 of the incometax act, 1961 income tax forum. Section 49 of income tax act cost with reference to. Section88b rebate of incometax in case of individuals of sixtyfive years or above omitted section88c rebate of incometax in case of women below sixtyfive years omitted. According to section 10 34 of the income tax act, 1961, any income by way of dividends referred to in section 115o shall not be included in the total income of the assessee. Advance tax is usually payable when your tax liability exceeds rs. Section 48 mode of computation incometax act, 1961. Section 54 income tax act capital gains exemption chart. And every one works upon saving tax by the investment that individuals do in. What are the provisions of section 43ca of incometax act. What is special provision for computation of capital gains in case of depreciable assets. Section 1 of the income tax act, 1961 an overall view. Section 184, of the incometax act, 1961, read with article 226 of the constitution of indiafirmdaljeet singh anand vs.

The income chargeable under the head capital gains shall be computed, by deducting from the full value of the consideration received or accruing as a. Explanation 4 to section 40b provides meaning of working partner as an individual who is actively engaged in conducting the affairs of the business or profession of the firm of which he is a. Section 24 of the income tax act is in relation to the income from house property. He is a nonresident in india in 9 out of 10 previous years preceding the previous year. What are the provisions of section 54b of income tax act. It depends upon applicable tax rates as per the total taxable income and status of assessees. This act may be cited as the income tax act, 1973 and shall, subject to the sixth schedule, come into operation on 1st january, 1974, and apply to assessments for the year of income 1974 and subsequent years of income. Companies income tax act an act to consolidate the provisions of the companies income tax act 1961 and to make other provisions relating thereto. As we know, buying a home is either a need, investment, asset or all three. Section 11 is a popular section for claiming exemption from income tax among the nongovernment charitable trusts and institutions. Section 10 5 of the income tax act, 1961 along with rule 2b of the income tax rules governs calculation of tax exemption on lta. Section110 determination of tax where total income includes income on which no tax is payable section111 tax on accumulated balance of recognised provident fund section111a tax on short term capital gains in certain cases. Section 10 exemptions under section 10 of income tax act. Income of local authorities section 1020 income tax.

Special provisions in respect of newly established units in. You also must pay similar penalties under section 234a and 234c. Be it enacted by parliament in the twelfth year of the republic of india as follows. Apportionment of income between spouses governed by. Exemptions under sec 10 sec 10 exemptions direct tax. Tax free exempt income under income tax act, 1961 taxguru. Section 115e and 115f of income tax act 1961 tax on investment income and longterm capital gains and capital gains on transfer of foreign exchange assets not to be charged in certain cases are defined under sections 115e and 115f of income tax act 1961. Section 112a of the income tax act, 1961 states that long term capital gains on sale of equity shares or units of equity oriented fund will be taxed at 10 % in excess of. Deductions allowable to tax payer income tax department. Income of local authorities section 1020 income tax income of local authorities section 1020. The impact of deductions available under various sections of income tax act is not same for all.

Special provisions in respect of newly established units in special economic zones. Chapter iv sections 1459 of income tax act, 1961 deals with provisions related to computation of total income. Inserted by the taxation laws amendment act, 1962, w. Section 49 of income tax act 1961 2017 provides for cost with reference to certain modes of acquisition. Section 49 of income tax act 19612017 provides for cost with reference to certain modes of acquisition. Section 49 of income tax act 1961 cost with reference to certain modes of acquisition is defined under section 49 of income tax act 1961. Jun 14, 2012 in exercise of the powers conferred by clause 48 of section 10 read with section 295 of the income tax act, 1961 43 of 1961, the central government, having regard to the national interest, hereby notifies for the purposes of the said clause, the national iranian oil company, as the foreign company and the memorandum of understanding entered. In exercise of the powers conferred by clause 46 of section 10 of the income tax act, 1961 43 of 1961, the central government hereby notifies for the purposes of the said clause, the gujarat state aids control society, a body constituted by the government. New notifications has been isssued no 692010 by the ministry of finance for reducing interest rate as per the notification 692010, interest accrued to pf account of employee not exceeding 8.

As per section 101, agricultural income earned by the taxpayer in india is exempt from tax. Income tax act 90 of 1988 income tax amendment act. Total income rate of tax 1 where the total income does not exceed rs. Income tax manual part 1 national board of revenue. Section 115e and 115f of income tax act 1961 tax on investment income and longterm capital gains and capital gains on transfer of foreign exchange assets not to be charged in certain cases are defined under sections 115e and 115f of income tax. Sec 1015iic in the case of an individual or a hindu undivided. Deductions under chapter vi a section 80c, 80d, 80e. If the sale consideration amount received from transferring selling the land or building is less than the stamp duty value or guideline value as mentioned b. Return of income and procedure of assessment section 9 to 154 penalties under income tax act.

Assistant director, deputy director or the director of income tax investigation to issue summon. Jun 28, 2011 section 1047 of the incometax act, 1961 infrastructure debt fund approved structure of infrastructure debt fund. Section 112a 10% longterm capital gains tax on sale of. In exercise of the powers conferred by clause 48 of section 10 read with section 295 of the income tax act, 1961 43 of 1961, the central government, having regard to the national interest, hereby notifies for the purposes of the said clause, the national iranian oil company, as the foreign company and the memorandum of understanding entered. Jul 31, 20 useful for undergraduate students of taxation, covers selected items exempt from tax under section 10 of income tax act 1961 slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. All air prevention and control of pollution act, 1981 apprentices act, 1961 arbitration and conciliation act, 1996 banking cash transaction tax black money undisclosed foreign income and assets and imposition of tax act, 2015 central boards of revenue act, 1963 charitable and religious trusts act, 1920 charitable endowments act, 1890. Residential house long term capital asset 3 years or more new residential house only 1 residential house now allowed and that too in india due to amendment. In exercise of the powers conferred by clause 48 of section 10 read with section 295 of the incometax act, 1961 43 of 1961, the central government, having regard to the national interest, hereby notifies for the purposes of the said clause, the national iranian oil company, as the foreign company and the memorandum of understanding entered. Section 80c of incometax act, 1961amended by finance act, 2016 section 80c of incometax act, 1961amended by finance act, 2016 deduction in respect of life insurance premia, deferred annuity, contributions to provident fund, subscription to certain equity shares or debentures, etc. However, if you forget or delay the payment, you are penalized in the form of interest under section 234b of the income tax act. Income tax act 1961 from income chargeable under the head salaries for the financial year 2012 i. Each year organizations face significant difficulty while calculating tax exemption on lta when they carry out the yearend tax compliance work. Section 49 of income tax act cost with reference to certain.

Apr 29, 2019 analysis of the income tax exemptions available to certain educational institutions under section 10 23c of the income tax act, 1961 and comparison of the same with exemption available under section 11. The finance act, 2018 has withdrawn the exemption under section 10 38 of the income tax act, 1961 and has introduced a new section 112a in order to levy long term capital gain tax on the transfer of a long term capital asset being an equity share in a company or a unit of an equity oriented funds or unit of a business trust w. Application by a person for a certificate under section 197 andor subsection 9 of section 206c of the income tax act, 1961, for no deduction of tax or deduction or collection of tax at a lower rate. Section 10 in the income tax act, 1995 indian kanoon.

Interest penalty under section 234a, 234b and 234c of. Section 49 of income tax act cost with reference to certain modes of acquisition section 49. Income tax deduction income tax standard deduction 2019. Section 47 of income tax act 19612017 provides for. The finance act, 2017 amended section 1038 of the incometax act, 1961 act stating that long term capital gains from transfer of listed equity. Section 80ddb of the income tax act can be used by resident individuals and hufs and offers provisions for income tax deductions on the expenditure incurred by familyan individual towards medical treatment of a particular disease. This section deals with exemptions on the interest paid on home loans. Any payment from nps to an employee because of closure or his opting out of the pension scheme is chargeable to tax. Section 80c of incometax act, 1961 taxindiaupdates in. Income tax act 1961 complete act citation 530 bare. What is cost with reference to certain modes of acquisition. Section 48 of income tax act 1961 2017 provides for mode of computation. Section page i3 incometax act, 1961 arrangement of sections section chapter i page preliminary 1.